On Tuesday, Barnes & Noble Education, Inc. (NYSE: BNED) announced its financial results for the second quarter of 2018. Shares of the company jumped after the announcement, increasing around 25% on Tuesday morning.
According to the company, consolidated sales increased 15.1% to $886.9 for the second quarter, compared to the number for the same period last year. The increase was mainly due to the contributions from the MBS and Student Brands acquisition and new stores opened at BNC, while negatively impacted by declining comparable store sales at BNC, the company said in the statement.
Earnings for the second quarter increased to $1.03 per share, beating analysts estimates of $0.91 per share.
“Our substantially increased financial results in the second quarter reflect the contributions of our recent acquisitions of MBS and Student Brands. While both of these teams continue to perform financially, we are even more encouraged by their respective potential contributions to BNED's longer term competitive position,” Michael P. Huseby, the Chairman and Chief Executive Officer of Barnes & Noble Education, said in the statement on Tuesday.
“With the addition of Student Brands and our recently announced partnership with The Princeton Review, we are building what we plan to offer as a full suite of such services,” he added.
The company also provided guidance for fiscal year 2018. Sales at BNC were expected to be relatively flat, and comparable stores sales at BNC were expected to drop in the low-to mid-single digit percentage point range year over year. Additionally, consolidated Adjusted EBITDA was expected to be in the range of $105 million to $120 million.